Nxt-ID, Inc. (NASDAQ:NXTD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On December 19, 2017, and effective as of November 29, 2017, Nxt-ID, Inc. (the “Company”) entered into an agreement with the holders of the convertible notes and common stock purchase warrants issued to that certain Securities Exchange Agreement dated as of November 29, 2016 (the “Amendment Agreement”). to the Amendment Agreement, the parties agreed toamend the maturity dates of the notes by one year or November 29, 2018. The Company previously reported the execution of the Securities Exchange Agreement, Exchange Notes and certain related ancillary agreements in a Current Report on Form 8-K filed on November30, 2016.
In consideration for the extension, the Company issued to the holders, an aggregate of387,000 restricted shares of common stock. No other terms of the Exchange Notes were modified.
| Item 1.01 | Unregistered Sale of Equity Securities |
The information set forth in Item 1.01 hereof is incorporated herein by reference.
The issuance of the restriction shares in consideration for the extension of the maturity was made in reliance upon exemptions from registration to Section 4(a)(2) of the Securities Act of 1933.
| Item 1.01 | Financial Statements and Exhibits. |
(d)Exhibits.
Nxt-ID, Inc. ExhibitEX-99.1 2 f8k121917ex99-1_nxtidinc.htm FORM OF EXTENSION AND FORBEARANCE AGREEMENT DATED DECEMBER 19,…To view the full exhibit click here
About Nxt-ID, Inc. (NASDAQ:NXTD)
Nxt-ID, Inc. is a technology company. The Company is focused on products, solutions and services for security on mobile devices. The Company’s core technologies consist of those that support digital payments, biometric identification, encryption, sensors and miniaturization. It has three lines of business: mobile commerce (m-commerce), primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting. It intends to use its core biometric facial and voice recognition algorithms to develop security applications (both cloud based and locally hosted) that can be used for companies, as well as individuals, law enforcement, the defense industry, and the United States Department of Defense. Its offerings include Wocket, a physical electronic smart wallet; the NXT Smartcard, a standalone smartcard; Wi-Mag, an antenna and payment technology, and 3D FaceMatch and 3D SketchArtist facial recognition products.